Evolve Markets is a Contract for Differences (CFD) finance broker. They have been in business since 2016 and specialize mainly in cryptocurrency spread trades. The 5 years in business quite a long time in this industry, which is promising. Can you really trust Evolve Markets with your hard-earned money? Today we are going to review Evolve Markets and look at what’s good, and what’s not quite so good about the broker.
Evolve Markets Trading Account Types
Evolve markets doesn’t offer the same range of accounts as some of the other brokers offer. However, as a broker which specializes in cryptocurrency, it does seem fairly normal. There is only a single account type that you can sign up for. One nice feature is that there’s no minimum deposit amount and no fees to pay when making a deposit.
Evolve Markets is also missing a proper demo platform where you can try out all the different features. It is possible to look around the platform before you register, but there is no money in the wallet, which means you can’t actually place any demo trades.
Regulation and Security Of Funds At Evolve Markets
The security of your money is one of the most important things to consider when choosing a broker. No matter how lucrative a broker appears, it means nothing if your money is not safe and secure.
Evolve Markets is an unregulated broker, much like Hugosway, another very popular unregulated broker getting a lot of exposure right now. This means that they have not been assessed by any recognized financial body which does make them a fairly risky broker to use. Although unregulated brokers can still be legitimate, I would not recommend dealing with an unregulated broker in any circumstance.
When looking through the website there isn’t an adequate amount of information about how clients’ money is kept separate and identifiable, which does raise some serious red flags. The site does mention that client funds are kept in an offline wallet which protects them from being hacked. But there doesn’t seem to be any mention of segregation of funds or protecting from hardware failures.
The website itself is secure, and Evolve Markets take the security of their clients very seriously. Client accounts are kept secure by using 2-factor authentication. This means that as well as a password, you also need your mobile phone to be able to log in. As a result, it should make it much more difficult for someone to gain unauthorized access to your account.
Trading Conditions At Evolve Markets
The trading conditions available at Evolve Markets are pretty competitive. The broker offers a very attractive leverage of 1:1000 on most cryptocurrency coins and forex exchanges. The other assets are typically capped lower. The fees are combined with the spreads which can make it a bit confusing to understand. The fees are also sometimes a bit more than some competitors.
Which Trading Platforms Does Evolve Markets Offer?
Evolve has two different trading platforms, the industry-standard MT5 platform, and their own proprietary system. The MT5 is very nice and something that most experienced traders should be able to find their way around easily. The proprietary system on the other hand is confusing and cluttered. With the option of the MT5 platform, I am struggling to see the benefits of using their own platform.
Their own proprietary trading platform looks very similar to Tradingview. Tradingview is a great platform and I have personally used it for years due to how user friendly it is.
Which Payment Methods Are Evolve Markets Accepting?
Like most other crypto brokers, deposits and withdrawals to Evolve Markets can only be made using certain types of cryptocurrency. Evolve Markets accepts deposits in Bitcoin, Ether, Tether or Litecoin. It’s also worth noting that your deposits will be left in the same currency you deposit it in and are not converted to any other type. If you have any other cryptocurrencies or want to pay with a card then you will need to go through a third-party exchange. It’s nice though that this broker doesn’t charge anything to make deposits. Money deposited appears in your account very quickly, normally as soon as the next confirmation on the blockchain.
If you have a problem with your deposit or trade, then you will need to raise a case with support. This is where Evolve Markets falls down. The only way of reaching support is by email. There is no live web chat or phone number to call. That said, email support is available 24 hours a day, Monday to Friday. You can expect a reply pretty quickly.
Evolve Markets has recently required a new financial license from MWALI International Services Authority (MISA), which is a great sign for traders. This demonstrates their commitment to a secure and regulated environment for traders – great to see! The new license can be verified on the MWALI site here: MWALI Register.
KYC And Sign Up
KYC or ‘Know Your Customer’ is a fairly standard process for most brokerages across the world. Evolve Markets use SumSub, which is an industry leading KYC service. The outsourced service streamlines the process and reduces the likelihood of fraud within the brokerage, whilst keeping the onboarding process fast and efficient.
With that being said, due to the regulation, KYC is not mandatory at Evolve Markets, making it a great option for those traders that really value their level of privacy and prefer not to work with a broker that needs to have their documents stored.
In Summary – Are Evolve Markets Legit?
In short, Evolve Markets are a legitimate broker and are continually making improvements to their regulation and KYC over the last 2 years. This has certainly put us at ease as working with a regulated brokerage is always going to be a safer option. With that being said, Evolve Markets still has a range of options for those traders that really value their privacy and would rather not submit KYC when working with a brokerage.
Obviously this is a huge upside to some traders, but a risk to some other traders.
I would personally recommend using a regulated broker for your own safety. We have a whole list of the top forex brokers, most of which are fully regulated by various different regulating bodies. This list contains various highly respected brokers such as IC Markets, Blueberry Markets and BlackBull Markets.
We’ll keep updating this review over time as further additions are being made to the Evolve Markets offering, as regulation strengthens and their offering changes over time!